The Philippines experienced an exhilarating surge in vehicle sales last May, fueled by robust market demand and favorable economic conditions.
According to a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA), vehicle sales soared 44.8 percent with a total of 38,177 units finding new homes last month. This figure signifies a significant jump from the 26,370 units sold in the same month a year ago.
CAMPI president Rommel Gutierrez attributed this remarkable growth to the unwavering market demand, highlighting the substantial double-digit expansion across all segments compared to the previous year.
Within the passenger car segment, there was a robust increase of 40.6%, with sales reaching 9,792 units, while the commercial vehicle segment roared even louder, boasting a growth rate of 46.3% and notching up 28,385 units. These figures underscore the strong consumer appetite for both passenger cars and commercial vehicles in the Philippine market.
From January to May, local vehicle assemblers experienced a turbocharged sales surge of 31.5 %, totaling 166,104 units compared to the corresponding period in 2022 when 126,273 units were sold.
The passenger car segment emerged as a frontrunner, clocking a outstanding growth rate of 32.7%, with sales reaching 41,862 units.
In the same period, commercial vehicle sales, constituting a significant 75% share of the industry, surged 31.2%, with a total of 124,242 units sold.
Gutierrez said the industry’s strong performance brings it closer to its growth projections.
He welcomed the sustained economic improvements in the country, which serve as a catalyst for bolstering consumer confidence and creating favorable market conditions.
The top industry players from January to May were renowned brands such as Toyota, Mitsubishi, Ford, NIssan and Honda,
